Financial information for people living in Korea

Sunday, May 10, 2020

The best Installment savings for each bank in Korea

"The best Installment savings for each bank in Korea"


Today, I introduce you all the Installment savings I have in several banks in Korea.
There are so many Installment savings in every banks in Korea.
It's hard to pick one of them.
Below list is what I chose among them.
Many saving account requires some incidental condition to get the highest interest rate of the product.
I chose the product with easiest condition and also highest interest at the same time.

I hope my experience and my selection of the Installment savings can be helpful for you. 


1. 1 year Installment savings


▶ Shinhan Bank
[ Shinhan Inssa Free Installment Savings ]
(1) Interest rate: Up to 3%/year (3% for me to satisfy all incidental conditions)
(2) Basic interest rate of 1.5% and additional interest rate of 1.5%


▶ KEB Hana Bank
[ Salary Hana monthly Installment Savings ]
(1) Interest rate: Up to 3.9%/year (2.6% for me to meet some incidental conditions)
(2) Among the additional 2.6% interest rate with the base rate of 1.3%, I meet 1.3%


▶ Suhyup Bank
[ EATFREE Installment Savings ]
(1) Interest rate: Up to 2.5%/year (2.5% for me to meet all incidental conditions)
(2) Basic interest rate 1.7% and additional interest rate 0.8%.



▶ Industrial Bank of Korea
[ IBK D-Day Installment Savings ]
(1) Interest rate: Up to 2.7%/year (2.2% for me to meet some collateral conditions)
(2) Meets the basic interest rate of 1.2% and the additional interest rate of 1%.


▶ Woori Bank
[ WON Installment Savings ]
(1) Interest rate: Up to 2.3%/year (I do not meet the incidental conditions 2.1%)
(2) Basic interest rate 2.1% plus additional interest rate 0.2%. I do not meet additional interest rate conditions.


▶ NH Bank
[ NH Workers' Monthly Welfare Installment Savings ]
(1) Interest rate: up to 1.95%/year (I meet some collateral conditions 1.55%)
(2) Of the additional 0.8% interest rate at the base rate of 1.15% (12 months standard), I can meet 0.4%)



2. Temporary Special offered Installment savings (Sells only during some period)

▶ KEB Hana Bank
[ One more installment savings ]
(1) Interest rate: 5%/year
(2) Description: A product that was temporarily sold as a special edition a few months ago.


Welcome savings bank
[ U+Welcometoite (8) installment savings ]
(1) Interest rate: 8%/year
(2) Description: A product that was temporarily sold to long-term users of the U+ 50,000 won or more as a special offer a few months ago.


▶ KAKAO Bank
[ Kakao Pay 5% Interest Account ]  <--(Click for details)
(1) Interest rate: 5%/year
(2) Description: Operate temporarily until May 31 as a special edition. You can sign up now. 
             

▶ NH Investment Securities Co., Ltd.
[ NH Tree Accumulated Bill ] (Click for more details)
(1) Interest rate: 4.5%/year
(2) Description: 6 months of subscription when opening a new NH Investment & Securities account through Kakao Pay. You can sign up now. 



Besides above installment savings, I use one of the highest interest account among the deposit and withdrawal account in Korea.
It's Cider bank account <-- Check this out this post also.

I've introduced you to my high-interest savings accounts in Korea.
It's a selection of good banks and the best installment savings products, so I think it'll help.
 

If you know any better conditions than the above, please leave a comment and I will check and update it.

Thank you.





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